A New Orleans judge has approved a $1 billion civil agreement between the U.S. Department of Justice and Transocean Ltd. (NYSE: RIG) to settle claims against the company for its role in the 2010 Deepwater Horizon disaster in the Gulf of Mexico.

The criminal fine was the second highest for an environmental disaster, behind BP Plc’s (NYSE: BP) $1.26 billion penalty assessed for the same disaster, which killed 11 workers.

Transocean owned the Deepwater Horizon rig, which sank into the ocean after a well explosion that leaked almost 5 million barrels of oil into the Gulf. Transocean is based in Switzerland, but has major operations in Houston.

BP is set for court on Feb. 25 in New Orleans in a trial slated to determine responsibility for the Deepwater Horizon disaster. BP has said it’s ready to defend itself against claims that are “excessive and not based on reality” in the two-phase federal civil case.

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